Cully Company needs to raise $23 million to start a new project and will raise the money by selling new bonds. The company will generate no internal equity for the foreseeable future. The company has a target capital structure of 65 percent common stock, 11 percent preferred stock, and 24 percent debt. Flotation costs for issuing new common stock are 14 percent, for new preferred stock, 9 percent, and for new debt, 5 percent What is the true initial cost figure Southern should use when evaluating its project? Multiple Choice $26.964 265 $20,853.333 $25.927178 $25,596,700 524.890.001